AppLovin, an app that delivers more personalized ads mainly via mobile, has sold a majority interest to Chinese private equity firm, Orient Hontai Capital, for $1.4 billion, setting itself up to enter the lucrative and elusive China market.
Founded in 2011 by Adam Foroughi (CEO) Andrew Karam and John Kyrstynak said they couldn’t find its initial funding at a $4m, so they huddled down and grew its revenue!
In the first year, through referrals and word of mouth, they signed up 300 customers to beta test, and after 1 year and a monthly run rate of $1m, raised funding from a group of influential investors, not because we needed money, but because these humans could help us grow.
The power of referrals work!!!!
AppLovin official launched in July 2014, with $100 million revenue “run rate” and high-profile users like Uber, Spotify, and Opentable.
In 2015, the company hit $234 million in revenue, and in 2016, it was on track to bring in nearly half a billion dollars with 115 employees
2011 startup (2 years to build and beta test)
2014 official launch $100m
2016 on track to do $500m
2017 – Entry into China market